Sareb doubles its property sales in the year to April
Sareb has closed the first four months of 2017 with a 92% increase in property sales. Between January and April, the company sold a total of 5,720 properties, including assets owned by the company and developer loan securities that the company manages. In the same period last year, 2,979 properties were sold.
The number of properties owned by the company sold between January and April stood at 3,260, an 87% y-o-y increase.
The reactivation of sales activity also benefitted assets on developers’ balance sheets and secured by Sareb, taking the number of properties sold in the first four months of the year to 2,460 up from the 1,233 sold in the same period last year. With Sales Growth Plans (PDVs) Sareb uses its sales network to sell the properties belonging to developers that have loans outstanding with the company. Thus, by selling the property, the indebted party can then use the income from the sale to pay off their loan.
During the first few months of 2017, the company has made significant progress in terms of its asset divestment mandate, reducing the size of its property portfolio to below €40,000 million. At the end of Q1, the net book value of Sareb’s total asset portfolio stood at €39,604 million, 22% less than the assets it took on at the start of 2013, which were transferred from the banks that received state funding.
The figures registered in the first few months of this year confirm that sales activity has considerably spiked compared to last year. According to the annual report, published recently and available at www.sareb.es, in 2016 Sareb sold 14,097 properties, a 25% y-o-y increase.
Sareb’s Chairman, Jaime Echegoyen, said “these results demonstrate the success of our sales campaigns, as well as the flexibility and increasing coordination from our four servicers who are helping us to manage our portfolio, Altamira, Haya, Servihabitat and Solvia”.